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TheStreet Open House

Ventas Reports 19 Percent Increase In Second Quarter 2012 Normalized FFO To $0.95 Per Diluted Share

Normalized FFO for the quarter ended June 30, 2012 excludes the net expense (totaling $41.8 million, or $0.14 per diluted share) from loss on extinguishment of debt, merger-related expenses and deal costs (including integration costs), mark-to-market adjustment for derivatives and amortization of other intangibles, offset by income tax benefit. Normalized FFO for the quarter ended June 30, 2011 excluded the net expense (totaling $41.0 million, or $0.23 per diluted share) from merger-related expenses and deal costs (including integration costs), loss on extinguishment of debt and amortization of other intangibles, offset by income tax benefit and mark-to-market adjustment for derivatives.

Normalized FFO for the six months ended June 30, 2012 was $541.7 million, or $1.86 per diluted common share, a 21 percent increase per diluted common share from $262.6 million, or $1.54 per diluted common share, for the comparable 2011 period. Normalized FFO for the six months ended June 30, 2012 excludes the net expense (totaling $90.9 million, or $0.31 per diluted share) from loss on extinguishment of debt, merger-related expenses and deal costs (including integration costs), amortization of other intangibles, mark-to-market adjustment for derivatives and non-cash income tax expense.

Net income attributable to common stockholders for the quarter ended June 30, 2012 was $74.0 million, or $0.25 per diluted common share, including discontinued operations of $31.5 million, compared with net income attributable to common stockholders for the quarter ended June 30, 2011 of $19.7 million, or $0.11 per diluted common share, including discontinued operations of $1.2 million. This increase in net income attributable to common stockholders is primarily the result of the Company’s acquisitions, a net gain on real estate dispositions of $38.6 million and lower merger-related expenses and deal costs (including integration costs), partially offset by loss on extinguishment of debt.

Net income attributable to common stockholders for the six months ended June 30, 2012 was $164.7 million, or $0.56 per diluted common share, including discontinued operations of $74.2 million, compared with net income attributable to common stockholders for the six months ended June 30, 2011 of $68.7 million, or $0.40 per diluted common share, including discontinued operations of $2.2 million. This increase in net income attributable to common stockholders is primarily the result of the Company’s acquisitions, a net gain on real estate dispositions of $78.8 million and lower merger-related expenses and deal costs (including integration costs), partially offset by loss on extinguishment of debt and non-cash income tax expense.

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